Econlib

The Library

Other Sites

Front Page arrow Titles (by Subject) arrow MESSRS. WILLINK AND OTHERS TO JOHN ADAMS. - The Works of John Adams, vol. 7 (Letters and State Papers 1777-1782)

Return to Title Page for The Works of John Adams, vol. 7 (Letters and State Papers 1777-1782)

Search this Title:

Also in the Library:

Subject Area: Political Theory
Topic: The American Revolution and Constitution

MESSRS. WILLINK AND OTHERS TO JOHN ADAMS. - John Adams, The Works of John Adams, vol. 7 (Letters and State Papers 1777-1782) [1852]

Edition used:

The Works of John Adams, Second President of the United States: with a Life of the Author, Notes and Illustrations, by his Grandson Charles Francis Adams (Boston: Little, Brown and Co., 1856). 10 volumes. Vol. 7.

Part of: The Works of John Adams, 10 vols.

About Liberty Fund:

Liberty Fund, Inc. is a private, educational foundation established to encourage the study of the ideal of a society of free and responsible individuals.


MESSRS. WILLINK AND OTHERS TO JOHN ADAMS.

Sir,

We did not receive the letter, which your Excellency did us the honor to write to us, till yesterday morning about twelve o’clock, in answer to which we now take the liberty to propose to your Excellency the final terms on which we are willing to open a loan in behalf of the United States of North America.

Your Excellency shall authorize us to negotiate a sum of five millions of guilders, though we shall now only open a loan for three millions at the rate of five per cent. per annum for the time of ten years, and to be redeemed in the five following years, each year a fifth part, for which three thousand bonds of 1000 f. each shall be given, signed by your Excellency, and countersigned by us, as also paragraphed by a notary; and the coupons for the annual interest signed by your secretary, or anybody whom you will appoint for it.

The bonds shall all be dated the first of June, though the subscribers have it in their choice to pay or furnish the money in June, July, August, September, or October, as they shall think proper, provided that the first coupon is for 12, 11, 10, 9 or 8 months, according to the term they pay in; your Excellency promising to open no other loan at any other house or houses in the republic, till the whole loan for five millions is completed, for which we are not without hopes of succeeding.

We shall hand to your Excellency the original bonds, on which your Excellency will be pleased to procure us the ratification of congress, as we are obliged to engage ourselves for this to the public; after receiving which, congress may dispose directly of the sums that then shall be in cash.

We must beg leave to observe to your Excellency, that our meaning as to the terms of 4¼ per cent., is, that we charge them for the receiving and paying out of the money now, for the remedium to the undertakers, for brokerage, and for the expenses of the notary, the stamps, &c. We shall further charge, annually, one per cent. on the amount of the interest, for the paying out of it.

And to convince your Excellency that we are willing to make the terms as low as we really can, we shall charge on the final redeeming of the loan, for paying out of the money and charges thereon depending, only one half per cent.

We flatter ourselves with your Excellency’s full approbation, and have, therefore, got the prospectus ready printed, to be distributed the moment your Excellency will be pleased to give us your agreement to it.

We have the honor to be, &c.

Wilhem and Jan Willink,

Nic. and Jac. Van Staphorst,

De la Lande and Fynje.